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Friday, 22 July 2016

EU competition law: Record penalties for truck cartel

As predicted (see my posting on 30 May, repeating what I had seen in the FT) the Commission imposed a record € 2 926 499 000 (£2.4 billion) fine on truck makers Daimler, DAF, Volvo/Renault and Iveco for taking part in a cartel relating to prices and to emissions-reducing technology. See Automotive News here and the Commission's press release here.

Daimler makes provision for €1 billion fine The sum comprises 600 million euros to cover the trucks fine and 400 million euros to cover unidentified legal costs. MAN, as I reported earlier, enjoyed immunity as the "whistleblower". Other manufacturers secured smaller discounts, but not apparently DAF.

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